HSBC, Macquarie, Suncorp and UBank latest lenders to respond to RBA cut

By Tom Watson ·

It’s been three days since the Reserve Bank reduced the official cash to a new low of 0.10%, yet the response from home loan lenders could be described more as trickle than a flood.

That’s not to say that we haven’t had any announcements. The big four banks have all indicated how much they’ll be adjusting home loan rates - though as expected, cuts to fixed rate offers have largely outweighed changes to variable loans.

And in the last 24 hours, a handful of Australia’s other larger lenders have all weighed in on the RBA’s latest cut. 

Online lender UBank, which is a subsidiary of NAB, made an announcement at lunchtime today that it would be making changes to both variable and fixed rate home loans.

Variable rates for new and existing customers will be cut by 15 basis points on November 29, meaning UBank’s UHomeLoan - Discount Offer for owner occupiers with an LVR of 80% will drop to 2.34% (2.34% comparison rate*).

UBank also revealed that it will be dropping the 3-year rate on its UHomeLoan (Fixed) offer for owner occupiers by 19 basis points to 1.95% (2.36% comparison rate*) from November 13.

“We are pleased to be offering these rate cuts to both our fixed and variable home loan customers at a time when Australians need some extra financial assurance,” said UBank executive, Philippa Watson.

“This is an historic announcement for UBank, as it is the first time in our bank’s history that we’ve announced a home loan rate that begins with a one, and we want our customers to know we will continue to find ways to support them through these challenging times."

HSBC, Macquarie Bank and Suncorp also recently announced cuts which will take their respective fixed loan rates to new lows, though none of the three lenders will be adjusting variable rates - at least, for now.

Macquarie’s rate reductions, which come into effect from November 11, range from 10 basis points for 1, 2 and 3-year fixed loans to 25 basis points for 4 and 5-year loans. That means the 2-year Basic Home Loan (Fixed) rate will drop to 2.09% (2.43% comparison rate*).

HSBC will also be reducing its 2 and 3-year fixed rates for new owner occupier and investor borrowers from November 19, meaning the 2-year Fixed Rate Home Loan (Premier) rate will drop to just 1.88% (2.98% comparison rate*).

Finally, Suncorp also announced a new record low 2-year fixed offer. Available from November 19 for owner occupier borrowers, the 2-year rate on the Fixed Home Loan (Home Package Plus) will be 1.89% (though Suncorp is yet to release the new comparison rate).

RELATED: November RBA cut: Which banks have cut home loan rates?

Ready to take advantage of the recent rate cuts to refinance your mortgage to a better deal? Check out some of the great offers in the table below, or head on over to our dedicated home loan comparison table for even more loans.

Refinance home loans - last updated January 25, 2021

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  • Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    2.47% p.a.
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  • mozo-experts-choice-2020
    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.75% p.a.
    fixed 3 years
    2.22% p.a.
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  • mozo-experts-choice-2020
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.19% p.a.
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  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a.
    fixed 3 years
    2.53% p.a.
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    Details
  • Fixed Home Loan Special Offer

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.94% p.a.
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    Details
  • Economy Variable Home Loan

    Owner Occupier, Principal & Interest, <70% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    2.59% p.a. variable
    2.76% p.a.
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  • Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, Home Loan Package

    interest rate
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    Initial monthly repayment
    1.99% p.a.
    fixed 3 years
    3.64% p.a.
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  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.20% p.a.
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